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The full form of condo is condominium. In a Condo, you just build the inner structure of the apartment , the other areas like parking , swimming pool,etc are not built by you. Condo association provides the overall maintenance for all housing units. For this the association collects money from individuals. In today's housing market everyone wants to buy a condo because the price of single houses is very high. However cuying a condon can be daunting task, the following things should be considered before buying a condo:-
1.Location and price:-Before buying a condo you should check the location because location is a very important factor. Price and location are directly proportional to each other. If you choose a condo in a less-developed area then you will have to pay less, however if you choose it in an area where all kind of facilities are available then will you have to pay more.
2.Developer's reputation:- If a condo unit is still in development stage, then check the developer's reputation. This can be done by asking for similar projects completed by the developer before.
3.Parking:- Check that whether there is any parking area near your condo unit or not. If yes then find out how much does the parking space cost . If you get the parking space in your budget, then buy it otherwise go for a rented parking area.
4.Condition and fee of the common area:- Check the condition of the common areas like tennis court, club houses ,etc. Talk to the people living there and ask about the fee and condition of these areas.
5.Condo association charge:- You should know how much an association charges for repairs .Some associations charge very less but some charge more. Before signing a contract you should also know how frequently they increase their charges.
6.Noise :- You may hear noises from a nearby apartment because the ceiling of that apartment is the same as your apartment's. Check the ceiling when you buy a condo and make sure that no voice pass through it.
7.Rule and regulation:- Before buying a condo read all the rules of the association. If they suit you, only then proceed with the purchase.
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